Study-Unit Description

Study-Unit Description


CODE ECN4000

 
TITLE Applied Economics

 
LEVEL 04 - Years 4, 5 in Modular UG or PG Cert Course

 
ECTS CREDITS 5

 
DEPARTMENT Economics

 
DESCRIPTION Applied Micro:
- Basic Economic Relations;
- Statistical Analysis of Economics Relations;
- Demand and Supply;
- Demand Analysis and Estimation;
- Forecasting;
- Production and Cost Analysis and Estimation;
- Market Structure Analysis and Estimation.

Applied Macro:
- Measuring GDP and Inflation;
- Role of Aggregate Demand;
- The Supply Side;
- Growth and Productivity;
- Monetary Policy and Interest Rates;
- Budget Deficits and National Debt;
- Policy in an Open Economy.

Study-unit Aims:

The aim in 'Applied Micro' is for managers to apply economic concepts and mathematical techniques to, for example, identify pricing or production strategies that will help meet company objectives. In short, Applied Micro helps managers arrive at a set of operating rules that aid in the efficient use of resources.

The aim in the 'Applied Macro' component of the study-unit is help managers understand the really important issues of macroeconomics, with a strong connection to the real world. Based on case studies, Applied Macro will be asked to interpret media commentary and analyze cases critically.

Learning Outcomes:

1. Knowledge & Understanding:

By the end of the study-unit the student will be able to:
- Understand Micro and Macro economic concepts and how to apply these concepts to real business situations;
- Understand media commentary about Macro economics issues of relevance to business.

2. Skills:

By the end of the study-unit the student will be able to:
- Apply Micro-economic techniques to business settings;
- Take better informed decisions about pricing, production and use of economic resources;
- Critically analyze Macro economic media commentary.

Main Text/s and any supplementary readings:

- Fundamentals of Managerial Economics, Hirschey Mark and Pappas James.
- Applied Economics, Griffiths Alan and Wall Stuart.
- Economics for Business and Management, Chrystal K.Alec and Lipsey Richard G.

 
STUDY-UNIT TYPE Lecture

 
METHOD OF ASSESSMENT
Assessment Component/s Assessment Due Resit Availability Weighting
Assignment SEM2 Yes 30%
Examination (2 Hours) SEM2 Yes 70%

 
LECTURER/S Ian P. Cassar
Philip Von Brockdorff

 
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints.
Units not attracting a sufficient number of registrations may be withdrawn without notice.
It should be noted that all the information in the description above applies to study-units available during the academic year 2020/1. It may be subject to change in subsequent years.

https://www.um.edu.mt/course/studyunit